XAUUSD - W - Retest of the previous falling wedge?

At the beginning of the year (ie 2016) Gold was able to break upwards the falling wedge in place since the mid of 2013. Currently, it seems to be in a corrective phase, to retest the previously broken wedge. It may fall to the 1147-1200 area, coinciding with the 38.2-50-61.8 fib levels and a long term area of price support/resistance. Meanwhile, RSI seems to indicate that momentum is increasing to the upside. On the other hand, the group of EMA's (weekly long term GMMA) crossed upwards and seems to be expanding, which may indicate that a new up trend is probably developing. After retesting price may move back up again, targeting the 1390-1420 area, which correspond to ~ 90%-100% of the target predicted by the geometry of the wedge and includes the key 1400 round level.

Lets see what happens!

Happy trading all!

Comment:

Going back up, as initially suggested! Lets see if it continues to do so!

Happy trading all!

Cheers.